The following discussion of the background to the invention is intended to facilitate an understanding of the present invention. However, it should be appreciated that the discussion is not an acknowledgment or admission that any of the material referred to was published, known or part of the common general knowledge in any jurisdiction as at the priority date of the application.
Parimutuel events have always draw a huge following both for the purpose of leisure as well as for wagering. In its earliest forms, participating in parimutuel events required physical presence for the participant not only to experience the event itself, but also to be able to physically hand in his or her contribution to the parimutuel fund.
Advances in technology have now allowed participants to view the event from a remote location and provide his or her contribution to the parimutuel fund through “off-track” wagering facilities or by the phone or Internet.
The problem with such systems is that each requires the use of an electronic banking facility. In developing countries, however, such advanced electronic banking facilities are either not available or not available to the general public.
It is an object of the invention to provide a method of establishing and operating a parimutuel fund that does not rely on participants requiring access to advanced banking facilities.